Two notes I read every single morning , usually I keep this side of my personality on Substack , but I thought it might be useful Steve jobs and Man in the Arena

I still manually listen to all earnings calls in my coverage and put out my notes here for you all to see , Can easily do AI notes, but they don't capture the qualitative information and even the actual sense of management commentary , I listen to AI notes for non coverage , or just quick reads Its hard work , but rewarding

Lots of sectoral notes also coming your way as more peers results get declared , so we get to see the industry specific trends , both in optimistic and sectors where peak pessimism is playing out , lot more coverage earrings coming next week as well

EU+1 is the real theme , there are a lot of plants being shut down across sectors in chemicals , forgings and more , look at Indian companies that can take that market and not only do business in EU , but use EU as a global platform to expand , just EU is not enough Now EU books are building out a huge defence capex , approved vendors will rush for bids

You cannot buy a stock thinking it will be a multi-bagger , you are merely rewarded for a process that sets the highest probability for strong outcomes , many times you won’t know which stock can surprise you the most , but process that is strong enables this optionality to reveal multibaggers The return is the reward of the process that enables asymmetric returns Process > one stock

Ramkrishna Forgings Capex tracker , mapping the capex and earnings push source : internal research disc: biased from lower levels , no reco, dyod

Filter the good company in a bad cycle , track the capex , watch for early signs of industry structure , see how business is positioned to capture the cycle , wait for capex inflection point ( plant crossing 30% ) , map out incremental PAT , and play the theme Industry structure is what defines the PAT growth , a good company in a bad industry will remain a good business but a bad stock , my opinion

Books must read, re sharing my list , as many of you have sent me emails on this: All of Nassim Nicholas Taleb, Investing from Darwin Pulak prasad , Richer Wiser happier and Books on Probabilities and financial history of central banks and Capital returns to understand capital cycles , thinking fast and slow RBI governers - Gokul rathi , The Price of Time: The Real Story of Interest Book by Edward Chancellor Zurich Axioms, The Halo Effect and Against the gods Zurich Axioms : a book that changes my perception on risk every time I read it , risk as a word is very misunderstood Podcast: founders podcast , Nicolai Tangen Norges bank podcast Theres a saying as well that one must study a war general and their tactics to learn as well , even recently watching the Movie Odyssey reminded me of so many lessons that I could apply to the world of investing Alot about investing is learnt from the non finance books , character , courage and persistence ! So much learning available if we are willing to do it , that is why I also incorporate a lot of the learnings I have on my substack audio notes along with the businesses I cover , so do check it out if you are interested ! substack.com/@valueequityin